In the year 1961 or thereabout, The State Bank of India framed a policy to finance its employees to have residential accommodation by forming staff cooperative housing societies particularly in cities like Mumbai Pune EC. The carpet area fixed was 500 sq. feet for staff and 650 sq. feet for officers at that time. The loan limit was Rs. 18,000 and Rs. 25,000 for clerical staff and officers respectively. The loan was free of interest. Accordingly in 1962 or so one society at thane West and Santacruz east was formed having a carpet area of 500 sq. feet per flat. Subsequently a crop of more societies started to come up. Those days the most favoured destination for having a society was western suburbs. Most of the promoters of those societies where from L.H.O. only which was located then at Apollo Street, Fort, Mumbai (Now being Mumbai main branch). Subsequently staff from local branches also initiated forming of societies.
The Pankaj society was formed by Shri. V.B. Athalye working in premises department of LHO in the year 1968.
A plot of land admeasuring 1082 sq. yards, situated at Navghar road, having roads on its two sides was selected through a broker. This plot was at a fair distance from Mulund station. Those days Mulund East suburb was slowly but surely getting developed. Some of the enrolled members who were residents of Mulund East also approved this site.
Shri Athalye put up a notice on the Union office wall in 1967 inviting staff from L.H.O. to enrol their names for the proposed Society. The first to enrol were Shri. Kelkar, Mrs. Kashikar, late Shri Naik, Shri. Gokhale, Shri Deshmukh, Shri Mathure, Shri Kadam, etc. But, it took almost more than a year to gather the minimum no. of 12 members. Thus, the Society could be registered in the year 1968 only.
The first meeting of 12 members was held in Late Shri. Gokhale’s place at Kesar Baug, Mulund (East) in which name “Pankaj” was suggested by Late Shri Gokhale himself for the Society and it was unanimously approved by all members.
After registering the society with Dy. Registrar at India House (Now Malhotra House) opp. G.P.O. Fort, Mumbai a proposal for loan for 15 members was out up to the appropriate authority which was sanctioned in 4 week’s time. M/s S.H. Godbole, one of the leading Architects in Mumbai at that time, were selected for submission of plans for 15 flats. Though initially only 12 members were there, 3 more members Late Shri Matele, Late Shri Atre and Shri Kokate joined the society in the year 1968 itself.
The work of construction was awarded to one M/s M.A. Mistry, contractors who were working with State Bank of India for several years that time. They were renowned contractors having constructed 3rd floor on the existing Mumbai main Branch with several other works as well. The construction of the work started during in late 1968. During those days, Mulund east was not properly connected by roads. One had to come to Mulund west first and then proceed through railway gate / sub-way to Mulund east. So, it took almost 2 years for completion of building.
According to many people, The building constructed by M/s M.A. Mistry was one of best at that time in Mulund East. The quality of construction work was top class. The members even did not require a full quota of loan of Rs. 18,000/- and in fact about Rs. 300 to Rs. 400 per member were saved which was then equal to one month salary of the member. The building was occupied in the year 1970. This was Bank’s first Society in Mulund East.
After few years, Navghar Road was connected to Eastern express highway which facilitated fast development of Mulund East. Hence, several other societies of the bank got constructed every year. Our founder member Shri. Athalye also helped some societys like Shilpa, Neelrekha, Chitralekha, etc. to come up successfully thereafter. Now total Societies of SBI in Mulund East are about 10-12 in number.